Crude Oil tests the support – Analysis - 27/04/2015

Crude oil price showed some negative attempts on last Friday to test the key support 56.75, and as we mentioned in our previous reports, this level represents one of the next trend keys besides that resistance line that rises now to 58.75, therefore, our neutrality will remain valid until now, waiting to breach one of the mentioned levels to detect the next targets clearly.

We remind you that breaking 56.75 support will push the price to retest 54.45 level mainly before any new attempt to resume the main bullish trend, while breaching the resistance will motivate the price to achieve good gains on the short term basis, starting at 60.00 and moving further towards 66.10.

Expected trading range for today is between 54.45 support and 59.00 resistance.

Expected trend for today: Depends on the above mentioned levels